Stock market in a blood bath with largest bank collapse since 2008

The Dow Jones Industrial Average
was last down 342 points, or 1%, and on pace for a fourth day of losses. The S&P 500
dropped 1.4%, while the Nasdaq Composite
shed 1.8%.

“You had a major U.S. bank collapse, the biggest bank failure since 2008, inevitably that’s going to spook the market,” said Sylvia Jablonski, CEO and chief investment officer of Defiance ETFs. The failure, she added, is also fueling concern among investors over whether the contagion spreads beyond SVB.

The FDIC took control of Silicon Valley Bank’s deposits on Friday, after shares tumbled Thursday when the bank announced plans to raise more than $2 billion in capital in a bid to offset losses from bond sales. The shutdown marks the biggest bank failure since the Global Financial Crisis.

Видео Stock market in a blood bath with largest bank collapse since 2008 канала Boyce Watkins